Dad and daughter in bumper car

Car Refinance

Whether you have a Personal Contract Purchase (PCP) or Hire Purchase (HP) agreement, refinancing your car to Lloyds could help you lower your monthly repayments or spread the cost of a final lump-sum payment.

Log in to get a quote

Features and benefits of car refinance with Lloyds

Get an online quote

Switch your current car finance to us by getting an online quote that won’t affect your credit score. 

Speedy switching

Once your application has been submitted and checked, we transfer the money directly to your existing finance provider to repay your current agreement.

Manage your account online

Change your details, get a statement, manage your payments and even make overpayments.

What is car refinance?

To find out more about what car refinance is and how to switch to us, watch a short video that explains it.

Watch our video to understand more about car refinance.

(2 min 53 secs)

Your car refinance options

You can refinance either PCP or HP with Lloyds.

Personal Contract Purchase

  • 7.6% APR representative when you borrow between £7,000 to £25,000.
  • Lower monthly repayments.
  • Own the car by paying a final lump sum or return it in good condition.

Hire Purchase

  • 6.3% APR representative when you borrow between £7,000 to £25,000.
  • Fixed monthly repayments.
  • Own the car when the agreement ends.

  • Personal Contract Purchase

    • 1 to 4-year terms available.
    • No early repayment charges.
    • Yearly mileage limits.
    • The money's sent straight to your existing lender.
    • Choose how much deposit you pay.

    There are other terms, borrowing amounts and rates.

    Paying a bigger deposit will lower your monthly repayments.

    If you've exceeded the agreed mileage allowance on return of the car, you'll need to pay an excess mileage charge. You can avoid this by choosing a realistic mileage when you apply.

    Hire Purchase

    • 1 to 5-year terms available.
    • No early repayment charges or final lump sum.
    • The money's sent straight to your existing lender.
    • Choose how much deposit you pay.
    • No mileage limits.

    There are other terms, borrowing amounts and rates.

    Paying a bigger deposit will lower your monthly repayments.

Representative example

Based on example borrowing of £13,000 over 48 months with 48 monthly repayments of £306.05. The total amount repayable will be £14,700.40, including £10 purchase fee.

Representative (fixed):
6.3% APR

Interest rate (fixed):
6.09%

The representative APR applies to loans of £7,000 to £25,000 over 1 to 5 years. There are other terms, borrowing amounts and rates.

This example shows you the rate you could get as a current account customer taking out our HP lending. For a personalised quote based on your own circumstances, log in to online banking.

Let's break it down

Who car refinance is for

You might want to refinance your HP or PCP because you're looking for a better rate, or if you've reached the end of your agreement.

You can apply for car refinance with Lloyds if you:

  • are at least 18 years old
  • are a UK resident
  • have had a Lloyds current account for at least 3 months.

Lending is subject to status and additional affordability checks.

How to refinance a car with Lloyds

  1. Ask your provider for a settlement quote so that you use the right information.
  2. Log in to online banking and tell us about your car and current finance.
  3. Find out if you're approved in a few minutes.
  4. Email us your settlement figure, so we can transfer your car finance to Lloyds.

When we transfer the finance amount directly to your current lender, we normally do this on the same day. 

Get a quote for car refinance

We can’t refinance existing Lloyds, Halifax or Bank of Scotland car finance customers. Your quote is valid for 90 days, no need to re-apply. 

 

It's simple in the app

Scan the QR code to get it.

You must be registered for online banking to apply in the app.

Once you're in, select 'Apply', 'Loans and Car finance', then 'Refinance your car'.

Or you can register on our website.

Already bank online?

We'll take you to the right place to get started.

Log in to get a quote

It's simple in the app

You must be registered for online banking to apply in the app.

Once you're in, select 'Apply', 'Loans and Car finance', then 'Refinance your car'.

Get the app

Or you can register on our website.

Already bank online?

We'll take you to the right place to get started.

Log in to get a quote

Let’s take a closer look

Explore your options

We want to make sure you know about our other car finance options. Here are some that might suit you.

All car finance options

Comparing your car finance is simple. Use our comparison tool to find the right finance option for you.

Compare car finance

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When borrowing money, you need to make the right choice for you and your circumstances.

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Important legal information

Check the terms and conditions of your current car finance agreement, as early-settlement fees may apply.

Refinancing your car over a longer term may reduce the monthly payment, but could result in you paying more interest. It may also be worth checking the car's condition and value to make sure refinance is the right option for you.